PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE RISK OF LOSS
IN TRADING COMMODITY FUTURES, OPTIONS, AND FOREIGN EXCHANGE ("FOREX") IS SUBSTANTIAL.

Period Returns

Apr

Qtr

YTD

1yr

3yr

5yr

10yr

Since1/2010

Tellurian Ascend Fund (Long Active)

-0.55

4.78

-

9.65

-

-

-

32.78

S&P 500

-0.75

6.51

-

2.49

-

-

-

30.15

+/- S&P 500

0.20

-1.73

-

7.16

-

-

-

2.62

Strategy Description

Summary

The Tellurian Long Active strategy will implement a discretionary trading strategy in the commodity markets with a long bias and a focus on derivative instruments (futures, options, OTC products and cleared OTC products). There will be no physical deliveries...Read More

Strategy Description

Summary

The Tellurian Long Active strategy will implement a discretionary trading strategy in the commodity markets with a long bias and a focus on derivative instruments (futures, options, OTC products and cleared OTC products). There will be no physical deliveries in the course of the trading activity. The activity will focus on Energy (oil, natural gas and coal), Metals and Agriculturals. No equities are traded.

Investment Strategy

The Tellurian Long Active strategy will follow a discretionary approach based on fundamentals. There will be no systematic trading based on ‘black box’ trading model as a CTA would do or a set portfolio algorithm. Although the strategy will be largely directional with a long bias, it anticipates to entertain some pure relative value trades such as ‘crack spreads’ between oil products, calendar spreads, differentials between two products of the same family, option (volatility) trades, etc

Risk Management

Particular attention is given to the adequate sizing of positions prior to execution, and to the need to assess the current and anticipated liquidity of the segment of the market. This is in order to ensure ability to take profit or unwind positions without encountering critical liquidity issues.
Concretely, the total net exposure for the Strategy of up to 250% of Assets will be allocated among the various portfolios. In all cases these limits will be calibrated to the liquidity of the related market, which could vary depending of market conditions prevailing at the time. On average the strategy has been running a net exposure of around 100% of Assets since inception.
Only liquid instruments are traded.

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Tellurian Capital

IASG Activity

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE RISK OF LOSS IN TRADING COMMODITY FUTURES, OPTIONS, AND FOREIGN EXCHANGE ("FOREX") IS SUBSTANTIAL.

YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY FUTURES, OPTIONS, AND FOREX TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THE DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF THE PRINCIPAL RISK FACTORS AND EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR ("CTA"). THE REGULATIONS OF THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") REQUIRE THAT PROSPECTIVE CLIENTS OF A CTA RECEIVE A DISCLOSURE DOCUMENT BEFORE THEY ENTER INTO AN AGREEMENT WHEREBY THE CTA WILL DIRECT OR GUIDE THE CLIENT'S COMMODITY INTEREST TRADING AND THAT FEES AND CERTAIN RISK FACTORS BE HIGHLIGHTED. IASG WILL PROVIDE YOU A COPY OF THE DISCLOSURE DOCUMENT AT NO COST. YOU SHOULD REVIEW THE CTA'S DISCLOSURE DOCUMENT AND STUDY IT CAREFULLY TO DETERMINE WHETHER SUCH TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THE TRADING PROGRAMS DESCRIBED ON THIS WEBSITE NOR ON THE ADEQUACY OR ACCURACY OF THE CTA'S DISCLOSURE DOCUMENT. THE INFORMATION CONTAINED ON THIS WEBSITE HAS BEEN PREPARED BY IASG FROM SOURCES DEEMED RELIABLE, BUT IASG DOES NOT GUARANTEE THE ADEQUACY, ACCURACY OR COMPLETENESS OF ANY INFORMATION. NEITHER IASG NOR ANY OF ITS RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, AGENTS AND EMPLOYEES MAKE ANY WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND WHATSOEVER, AND NONE OF THESE PARTIES SHALL BE LIABLE FOR ANY LOSSES, DAMAGES, OR COSTS, RELATING TO THE ADEQUACY, ACCURACY OR COMPLETENESS OF ANY INFORMATION ON THIS REPORT.